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Enron to hold Nov. 30 auction for Bridgeline assets
By Jeff Pines
Washington, Oct. 29 - Enron Corp. will hold an auction Nov. 30 in New York for its Bridgeline assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.
An affiliate of Targa Resources Inc. is the stalking horse bidder offering $100 million for the assets. Targa is an independent energy firm based in Houston that Warburg Pincus started last year.
Competing bids are due by Nov. 17. Initial overbids must start at $4 million more than Targa's bid. Subsequent bids must be in 1% increments.
The breakup fee will be $3 million.
The sale hearing is scheduled for Dec. 2.
Houston-based Enron filed for bankruptcy on Dec. 2, 2001. Its Chapter 11 case number is 01-16034.
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